Cushman & Wakefield Secures $8.9M Refinance Loan For South Plainfield Industrial Outdoor Storage
456 Hollywood Avenue
$8,900,000
$773/SF
Building Size
11,500 SF
Asset Type
Industrial
Closing
Nov 13, 2023
AI
Cushman & Wakefield has successfully arranged an $8.9 million refinancing deal for a 3.9-acre industrial outdoor storage site in South Plainfield. The property, located at 456 Hollywood Avenue, is leased to EquipmentShare. The loan was secured through Lakeland Bank on behalf of the borrower, Marcus Partners.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $8,900,000
- Address: 456 Hollywood Avenue, South Plainfield
- Square Footage: 11,500 SF
- Market: South Plainfield
The deal involved several key individuals and companies. Marcus Partners, represented by Paul Marcus, serves as the landlord of the industrial property. The brokers who facilitated the transaction were Chris Meloni, Chuck Kohaut, John Alascio, and TJ Sullivan from Cushman & Wakefield.
Players
South Plainfield Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.78%
Cash-on-Cash
-0.51%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93